Plymouth Industrial REIT Reports Second Quarter Results

Core Viewpoint - Plymouth Industrial REIT, Inc. reported a net loss of $6.2 million for Q2 2025, a significant decline from a net income of $1.2 million in Q2 2024, primarily due to the deconsolidation of its Chicago Portfolio and increased expenses related to preferred units [4][9][10]. Financial Results - The company’s total revenues for Q2 2025 were $47.2 million, down from $48.7 million in Q2 2024 [5]. - The net loss attributable to common stockholders was $0.14 per share for Q2 2025, compared to a profit of $0.03 per share in the same period last year [4][10]. - Core Funds from Operations (Core FFO) for Q2 2025 were $20.9 million, or $0.46 per share, down from $21.8 million, or $0.48 per share, in Q2 2024 [9][10]. - Adjusted Funds from Operations (AFFO) for Q2 2025 were $19.9 million, or $0.44 per share, compared to $22.3 million, or $0.49 per share, in Q2 2024 [10]. Leasing and Occupancy - The company executed over 5.9 million square feet of leasing year-to-date, with a 10% increase in rental rates on a cash basis for leases commencing in Q2 2025 [3][6]. - Same store net operating income (SS NOI) increased by 6.7% on a GAAP basis and 4.1% on a cash basis compared to Q2 2024 [6][7]. - The same store portfolio, comprising 168 buildings, had an occupancy rate of 95.0% as of June 30, 2025 [7][19]. Acquisition and Capital Management - The company acquired an industrial portfolio of 21 buildings totaling 1,951,053 square feet for $193 million, with an expected initial net operating income (NOI) yield of 6.7% [6][19]. - A single-tenant building in Atlanta was acquired for $11.7 million, with an expected initial NOI yield of 7.0% [19]. - Plymouth has repurchased 1,031,223 shares of common stock at an average price of approximately $16.23 under its share repurchase program [6][13]. Guidance and Future Outlook - The company affirmed its full-year 2025 guidance for Core FFO per weighted average common share and updated its range for net income per weighted average common shares [21][22]. - The guidance includes a projected Core FFO range of $1.85 to $1.89 per share and same store portfolio NOI growth of 6.0% to 6.5% [22][23].